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POLYTEC 2012 Group Management Report
FinancIAl ReSUlt
The financial result in 2012 amounted to EUR -0.9 million compared
to EUR -3.1 million in the previous year.
In the year under review, the marked decline in financial expenses
by more than 60% or EUR 2.3 million to EUR –1.1 million was mainly
attributable to interest income resulting from the investment of
available liquidity over the course of 2012 in addition to an overall
lower usage of bank loans. Income from other investments includes
dividends from the POLYTEC Immobilien Group of EUR 0.1 million.
Including deferred tax effects, the Group’s effective tax rate
amounted to 16.8% in 2012 and was therefore considerably lower
than the full taxation of income due to the conservative measurement
of tax losses carried forward in previous years.
Net profit amounted to EUR 21.7 million in the year under review.
This corresponds to earnings per share of EUR 0.97.
GroUP Key BALANCE Sheet AND FINANCIAL FIGURES
In 2012, POLYTEC GROUP’s total capital expenditures decreased by
EUR 1.5 million to EUR 16.0 million compared to the previous year,
exceeding, however, amortization and depreciation charges by
EUR 2.1 million. In the previous year, capital expenditures had
remained below the amortization and depreciation level by
EUR 1.2 million. In the year under review, capital expenditures
were mainly attributable to the further expansion of business sites
in Hörsching and Lohne as well as to investments in the replacement
and new inventment in machines.
Group key balance sheet Dec. 31, Dec. 31, Dec. 31,
and financial figures Unit 2012 2011 2010
Equity ratio (equity/balance
sheet total) % 51.4 44.8 28.3
Balance sheet total EUR million 259.8 268.3 308.5
Net working capital EUR million 47.8 26.9 16.5
Net working capital
in % of sales (NWC/sales) % 9.9 4.1 2.1
The equity ratio of the POLYTEC GROUP increased by
EUR 13.3 million to EUR 133.6 million as of December 31, 2012
compared to EUR 120.3 million at year-end 2011, despite dividend
payments of EUR 7.8 million and share buy-backs of
EUR 1.4 million. This increase is mainly attributable to the positive
development of group results. The equity ratio totaled
51.4% at year-end 2012.
As of the balance sheet date on December 31, 2012, the
POLYTEC GROUP held a total of 258,041 treasury shares (or
1.2% of the company’s share capital) at an acquisition value of
EUR 1.4 million and a market value of EUR 1.5 million.
The increase in net working capital from EUR 26.9 million to
EUR 47.8 million in the year under review is directly attributable
to lower provisioning requirements for personnel-related
expenses as well as to lower accruals for pending losses, warranties
and other operating risks.
Balance sheet structure of the POLYTEC GroUP
Investments in tangible assets (EUR million)
57% 60%
61%
54%
40%
37%
16.7
17.5
16.0
18%
14%
12%
43% 40% 39%
28%
46%
51%
2010
2011
2012
2010
2011
2012
Fixed assets
Current assets
Short-term liabilities
Long-term liabilities
Equity
2010
2011
2012
78